Coinbase’s Bold Move: Unlocking Up to $100K with XRP, DOGE, ADA, and LTC!

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Ah, dear reader, behold the grand spectacle that is Coinbase, as it embarks upon an ambitious expansion of its crypto-backed loans! In a delightful twist of fate, they have deemed it fit to include the likes of XRP, ADA, DOGE, and LTC as collateral, offering a tantalizing opportunity for those bold enough to borrow up to a staggering $100,000 in USDC, all while riding the wave of an ever-growing demand for digital asset utility.

Coinbase’s Loan Expansion Turns XRP, ADA, DOGE & LTC Into Liquid Assets

Such is the nature of crypto lending services, which grow ever more expansive as digital assets blossom into broader financial utility, much like the humble potato in a well-tended garden. On the 18th of February, Coinbase Global Inc. (Nasdaq: COIN), the darling of U.S.-based cryptocurrency exchanges, heralded the arrival of this newfound collateral – and what a merry day it is for borrowers!

Now, one may borrow against their beloved tokens without parting with them, a phenomenon as rare as a sunny day in Russia. The illustrious CEO, Brian Armstrong, took to the social media platform X to announce:

“Our crypto backed loan offerings are expanding. Now you can instantly borrow USDC against your XRP, DOGE, ADA, and LTC, as well as BTC and ETH.”

In another stroke of brilliance, Coinbase chimed in on X that same day, “Holding XRP, DOGE, ADA, or LTC? Now you can unlock the value of your portfolio without giving up your position. Borrow up to $100K in USDC against your tokens, instantly, without selling.” Oh, how generous of them!

This service, my friends, is powered by the Morpho onchain lending protocol on Base, allowing users to tap into the divine resources of onchain borrowing tools straight from their accounts, as if plucking ripe fruits from a bountiful tree.

Since the launch in January, a whopping total of $1.9 billion has been borrowed – truly a feat worthy of admiration. Initially, customers were granted the ability to borrow up to 5,000,000 USDC against bitcoin and up to 1,000,000 USDC against ethereum, though such privileges come with the stern oversight of account safeguards and transfer limits. How very civilized!

Yet beware, oh borrowers, as when a loan’s balance edges perilously close to 86% of the collateral’s market value, the specter of liquidation looms, ready to reclaim the assets to satisfy the debt and perhaps impose a penalty fee for good measure. A one-time borrowing charge shall apply each time funds are drawn, while interest accrues on the full loan balance – a reminder that in finance, as in life, nothing comes without a cost.

This delightful service is available across the United States, save for the ever-mysterious New York, with aspirations to expand further into additional markets. Truly, the world of crypto is a stage, and we are but players!

FAQ ⏰

  • Which new cryptocurrencies can be used as collateral on Coinbase?
    Alas, the illustrious XRP, DOGE, ADA, and LTC now grace us as eligible collateral for crypto-backed loans.
  • How much USDC can users borrow against altcoins?
    Users may lay claim to a princely sum of up to $100,000 in USDC against XRP, DOGE, ADA, and LTC holdings immediately!
  • What happens if a Coinbase crypto-backed loan reaches 86% LTV?
    Oh, the horror! Assets may be liquidated to repay the debt and cover a penalty fee once the loan hits 86% of collateral value – a cautionary tale indeed.
  • What protocol powers Coinbase’s onchain lending product?
    The marvel of this crypto-backed loan service lies within the Morpho onchain lending protocol on Base, a wondrous creation!

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2026-02-20 03:57